Brokerages Expect Mercury General Corporation (MCY) to Announce $0.50 EPS
Shares of Mercury General Corporation (NYSE:MCY) have received an average broker rating score of 3.50 (Sell) from the two brokers that cover the company, Zacks Investment Research reports. One research analyst has rated the stock with a sell rating and one has given a hold rating to the company.
Brokerages have set a 12-month consensus target price of $52.00 for the company and are expecting that the company will post $0.50 EPS for the current quarter, according to Zacks. Zacks has also assigned Mercury General Corporation an industry rank of 247 out of 265 based on the ratings given to related companies.
Several equities analysts have recently commented on the stock. Zacks Investment Research lowered shares of Mercury General Corporation from a “buy” rating to a “sell” rating in a research report on Wednesday, October 4th. BidaskClub raised shares of Mercury General Corporation from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd.
Mercury General Corporation (NYSE MCY) traded down 4.66% during trading on Tuesday, reaching $56.03. 233,972 shares of the company’s stock traded hands. The firm has a 50 day moving average of $56.61 and a 200 day moving average of $56.48. Mercury General Corporation has a 1-year low of $50.32 and a 1-year high of $64.52. The firm has a market capitalization of $3.10 billion, a PE ratio of 39.18 and a beta of 0.50.
Mercury General Corporation (NYSE:MCY) last released its earnings results on Monday, October 30th. The insurance provider reported $0.60 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.42 by $0.18. Mercury General Corporation had a net margin of 2.45% and a return on equity of 6.66%. The firm had revenue of $827.42 million during the quarter, compared to the consensus estimate of $835.00 million. During the same period in the previous year, the firm earned $0.67 earnings per share. Mercury General Corporation’s revenue was up 2.4% compared to the same quarter last year. Equities analysts forecast that Mercury General Corporation will post $1.78 EPS for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, December 28th. Stockholders of record on Thursday, December 14th will be issued a $0.625 dividend. This is an increase from Mercury General Corporation’s previous quarterly dividend of $0.62. The ex-dividend date is Wednesday, December 13th. This represents a $2.50 dividend on an annualized basis and a dividend yield of 4.25%. Mercury General Corporation’s dividend payout ratio is currently 172.92%.
In other Mercury General Corporation news, CEO Gabriel Tirador sold 2,355 shares of the stock in a transaction that occurred on Friday, August 4th. The stock was sold at an average price of $59.00, for a total transaction of $138,945.00. Following the transaction, the chief executive officer now owns 36,239 shares in the company, valued at $2,138,101. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 34.30% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. LS Investment Advisors LLC increased its stake in shares of Mercury General Corporation by 17.5% in the second quarter. LS Investment Advisors LLC now owns 2,922 shares of the insurance provider’s stock valued at $158,000 after buying an additional 435 shares in the last quarter. Old Mutual Global Investors UK Ltd. bought a new position in shares of Mercury General Corporation during the 2nd quarter valued at about $166,000. Pacer Advisors Inc. lifted its holdings in shares of Mercury General Corporation by 2.9% during the 2nd quarter. Pacer Advisors Inc. now owns 3,308 shares of the insurance provider’s stock valued at $179,000 after purchasing an additional 92 shares in the last quarter. Flinton Capital Management LLC lifted its holdings in shares of Mercury General Corporation by 55.9% during the 2nd quarter. Flinton Capital Management LLC now owns 3,604 shares of the insurance provider’s stock valued at $195,000 after purchasing an additional 1,292 shares in the last quarter. Finally, Riverhead Capital Management LLC lifted its holdings in shares of Mercury General Corporation by 57.8% during the 2nd quarter. Riverhead Capital Management LLC now owns 3,630 shares of the insurance provider’s stock valued at $196,000 after purchasing an additional 1,330 shares in the last quarter. 46.94% of the stock is owned by institutional investors.
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About Mercury General Corporation
Mercury General Corporation is an insurance holding company. As of December 31, 2016, the Company and its subsidiaries were engaged in writing personal automobile insurance through 14 insurance subsidiaries in 11 states, principally California. Its segments include Property and Casualty Lines, and Other Lines.
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